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What is the Estimated Growth Rate for the Smart Shelves Market Between 2024 and 2033?

The market size for smart shelves has witnessed impressive expansion in the past few years. It is projected to soar from $3.35 billion in 2023 to an astounding $4.07 billion in 2024, with a compound annual growth rate (CAGR) of 21.4%. Factors such as customer engagement, data-guided decision making, supply chain improvement, superior shopping experiences, and the decrease in out-of-stock situations have contributed to the observed growth during the historic period.

Expectations are high for swift growth in the smart shelves market size in the coming years. It’s projected to expand to $8.22 billion by 2028, with a compound annual growth rate (CAGR) of 19.2%. The development during the forecast period can be credited to factors such as preferences for contactless shopping, the emergence of autonomous stores, the need for immediate pricing updates, customised shelf displays, the use of sustainable materials in shelf manufacturing, and the worldwide spread of smart retail. Noteworthy trends during the forecast period encompass the incorporation of rfid technology, automated inventory management, electronic shelf labels (esls), an emphasis on security and anti-theft procedures, partnerships with e-commerce platforms, and the need for real-time inventory transparency.

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What Are the Primary Contributors to the Growth of the smart shelves Market?

The smart shelf market is projected to experience significant expansion due to the heightened demand for customer personalization and customization. Personalization involves the adaptation or design of a product to cater more closely to the preferences and necessities of the customer. Customization, on the other hand, refers to when a customer personally modifies a product to meet their unique requirements or standards. Smart shelves foster greater levels of personalization and customization, offering advantages such as profit optimization for retailers and a customized shopping experience. These factors are anticipated to positively influence the global smart shelves market. For example, IBM Watson Advertising, an AI-driven advertising service based in the US, reported in January 2022 that 56% of consumers wish for all their interactions with brands to be personalized. Moreover, in return for an enhanced personalized shopping experience, 70% of millennials are open to companies tracking their online browsing and purchasing behaviors. Additionally, 59% of customers believe it’s vital to engage them in a personalized manner based on their past interactions to secure their business. Hence, it is expected that the smart shelves market will grow due to the rise in demand for personalization and customization from customers.

What Are the Main Segments of the Smart Shelves Market?

The smart shelves market covered in this report is segmented –

1) By Component: Hardware, Software, Services

2) By Enterprise Size: Small and Medium Enterprises (SMEs), Large Enterprise

3) By Application: Planogram Management, Inventory Management, Pricing Management, Content Management, Other Applications

4) By End-User: Departmental Stores, Supermarkets, Specialty Stores, Other End-Users

What Are the Key Trends Reshaping the Smart Shelves Market?

One significant trend gaining momentum in the smart shelves market is technological progression. To maintain their market standing, primary market participants in the smart shelves sector are concentrating on technological enhancements. For example, in October 2022, Unified Natural Foods Inc., a natural and organic food firm from the US, launched a smart shelf tag program using a new generation technology, Eli QR codes. This new technology allows shoppers to access product details while shopping in stores. These improved and secure QR codes can be scanned to provide comprehensive product information and digital content on customers’ smartphones, eliminating the need for a dedicated app. Data for ELi QR codes will be sourced from the supplier and auto-filled for every distinct UPC, furnishing information about nutrition, allergens, special deals, user reviews, product traceability, and brand narratives to enhance the customers’ shopping journey.

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What Are the Top Regions Fueling Growth in the Smart Shelves Market?

North America was the largest region in the smart shelves market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart shelves market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Smart Shelves Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the smart shelves market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Smart Shelves Market Include

1. Smart Shelves Market Executive Summary

2. Smart Shelves Market Segments

3. Smart Shelves Market Size And Template Market Growth Rate

4. Key Smart Shelves Market Trends

5. Major Smart Shelves Market Drivers

……

25. Key Mergers And Acquisitions In The Smart Shelves Market

26. Top Smart Shelves Companies

27. Smart Shelves Market Opportunities And Strategies

28. Smart Shelves Market, Conclusions And Recommendations

29. Appendix

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